GE Energy Financial Services, a unit of General Electric, on Tuesday announced that it was financing the construction of a power plant by Binani Cement Ltd. and will set up its first office in India to pursue additional energy and water investments.
GE Energy Financial Services is lending Rs750m (US$17m) to Binani Cement for construction of a 22.3MW thermal power plant and associated common utilities in Sirohi, Rajasthan. This will enable Binani Cement, a subsidiary of Binani Industries Ltd, to meet its enhanced power requirement. Binani Cement plans to expand cement production from 2.25Mt to 5.3Mta.
Binani Cement also plans to build a second 22.3MW power plant. Binani Cement is proposing a public equity share offer.